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Real Estate Testes > Real Estate > Flashcards

Real Estate Flashcards

1
Q

To creat a condo what be provided?

A

Declaration, master deed and lease, by laws, condo property map

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2
Q

When did the CPR laws change?

What is the code name?

A

2006 HRS 514b

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3
Q

How many owners in a condo association are needed to approve changes?

A

67%

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4
Q

How many owners in a condo association are needed to be removed from the CPR?

A

80% of the common interest

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5
Q

What is a public report?

A

Disclosure statement of material and pertinent facts.

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6
Q

When can a developer commence selling condo units?

A

When the project is registered with the commission and an effective date for developers public report is issued.

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7
Q

What must a developer submit annually?

A

A report that updates the public report.

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8
Q

When does escrow become involved in the process?

A

Once the contract is signed and negotiated and the buyers earnest money is received.

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9
Q

Will escrow accept changes to contract?

A

Yes only in writing and signed by both parties.

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10
Q

What are the responsibilities of escrow?

A
  • ordering preliminary title reports
  • obtaining sellers loan payoff statements
  • verifying all contract contingencies are satisfied prior to closing
  • prorating taxes, fees, association dues
  • obtaining leases and arranging for their assignment
  • arranging drafting if deeds, notes, mortgages, and assignments of leases
  • drafting settlement statements
  • arranging for title insurance
  • paying conveyance tax for seller
  • complying with all state and federal reporting requirements
  • verifying all terms are met.
  • handling actual closing
  • disbursing funds
  • arranging recordation
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11
Q

Are closing a held face to face with buyers and sellers?

A

No. Each party makes their own appointment. Agents may attend and it’s good to attend. Documents should be made available prior to closing.

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12
Q

What is HARPTA?

A

Buyers required to deduct 5% of the non hawaii resident sellers amount realized. This is done by escrow. Can be avoided by form n289 hawaii resident certification.

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13
Q

What is the good funds act?

A

Escrow cannot close until all funds required for transfer are on deposit and all checks are cleared.

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14
Q

When are real property taxes assessed?

A

Semi annually; feb 20 for jan 1-June 30 and August 20 for July 1-dec 31 based on 100% of actual value assessed (ad valor em)

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15
Q

How long does it take for a tax Lien to be enforced by foreclosure?

A

3 years and they are always in first position.

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16
Q

What is a seller agency?

A

Relationship/agreement with only the seller. Negotiate on behalf of the seller; collects earnest $.

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17
Q

Buyer agency

A

Relationship/agreement with only buyer.

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18
Q

Dual agency

A

Agent represents both buyer and seller. Has responsibility to both parties. This is allowed when both parties sign written agreement of consent. It is an addendum to the contract

19
Q

Designated agency

A

When buyer and seller are represented represented by agents from the same brokerage. This must have written consent.

20
Q

When must the agent disclose who he represents 1 to the seller 2 to the buyer

A

1 during listing process on listing agreement in writing
2 prior to preparing an offer In writing
* agent should disclose orally as soon as is practical.

21
Q

How much tax must be paid on commissions?

A

4%

22
Q

What is an exclusive right to sell listing agreement?

A

Seller agrees to pay the agent a commission if they sell the property.

23
Q

In an exclusive right to sell listing agreement the seller agrees to let agent:

A 
Advertise property
Place signs on property
Accept deposits from any person
List in MLS
Share commission with coop brokers
Access to keys and any info necessary to sell
Allow inspectors onto property
24
Q

What is a DROA?

A

Deposit receipt offer and acceptance. The offer to buy which includes an acceptance and is a receipt for earnest money deposit.

Also has…
Agency disclosure, terms and conditions, signature of seller, time and date of acceptance, closing date, description of property, closing costs, manner of handling inspections.

25
Q

What is an agreement of sale?

A

A land contract or contract for deed. The buyer obtains equitable title, but is not actually transferred by seller until buyer has satisfied all terms.then there is a second closing.

26
Q

Seller disclosure statement

A

Disclosure of any and all things that the buyer should know in relation to the property. Must be delivered to the buyer soon 10 days of acceptance. Buyer must then acknowledge receipt in writing. Within 15 days of receiving the disclosure the buyer may rescind. Failure to do so in 15 days means that he has accepted it.

27
Q

Does the use of an “as is” clause relive the seller from his obligation to make disclosure?

A

No the seller must always provide disclosure.

28
Q

If the seller sees new things that should be on the disclosure form then how many days from the date he noticed it does he have to inform the buyer?

A

10 days

29
Q

Any deposits of funds must be deposited how soon after receipt?

A

By the next business day.

30
Q

Can the broker authorize others to deposit for him?

A

Yes but he cannot authorize others to withdraw.

31
Q

Can a licensee advertise his own property as for sale by owner?

A

No

32
Q

Brokers responsibilities

A

1 trust accounts, disbursements, and accounting of brokerage
2 firms records, contracts, and docs
3 all contracts and the handling of them
4 proper handling of commission application, license application, or renewal application
5 developing policies and procedures including education enforcement
6 setting continuing Ed policies
7 ensuring all agents current
8 est and maintaining a program of training
9 ensuring latest info is disbursed
10 delegation of responsibilities to a broker in charge

33
Q

Can brokers appraise a property?

A

No brokers may not appraise a property. They may give opinions of value and cannot charge a fee for that opinion.

34
Q

What is the maximum allowable rate of simple interest that can be charged on a personal loan or junior mortgage carried by an individual?

A

1% per month or 12% per year.

35
Q

Is there a limit of interest that can be charged on a conventional, va, or FHA loan?

A

No there is no limit for rates on these types of loans.

36
Q

What is a hula Mae loan?

A

Administered by the housing and community development corp of Hawaii. May be used to acquire an owner occupied single family residence, two home or condo. Must be 18+ years old, a Hawaii resident, citizen of the US, with a household income within certain parameters, not have owned any interest in a residence for 3 years prior to applying for loan, and had not been granted a hula mae loan in the past. These loans cannot exceed 30 years. Any amount of money can be used as a down payment. If the property is a leasehold estate the rent must be fixed for at least 10 years.

37
Q

What is an employee retirement system loan (ERS)?

A

Conventional loans through approved lenders that are made available to county and state employees. May be used to finance the purchase, construction, or improvement of or to refinance a single family home, town home, or condo. Borrows monthly income must be at least 3.5 times the monthly mortgage payment. The buyer must sign an owner occupant affidavit. Can only have one ERS loan at a time. 6% prepayment penalty if paid in full during the 1st year.

38
Q

Is there a right of redemption on a mortgage foreclosure?

A

No, in Hawaii a mortgagor has no statutory right to redemption once the property has been sold at the mortgage foreclosure sale. Sales are final.

39
Q

Is there a right to redemption on a tax foreclosure?

A

Yes, the former owner has one year from the date of the foreclosure sale to deem the property. He must reimburse the buyer for all the costs and expenses he has incurred including the taxes that he owed plus interest at 12% per year.

40
Q

What is the bureau of conveyances?

A

A place where documents relating to all properties in Hawaii are kept. Boundary surveys, official land maps, and all documents relating to land ownership.

41
Q

Mauka

A

Towards the mountains

42
Q

Makai

A

Towards the sea.

43
Q

Tax map key system

A

Division 1 Oahu
Division 2 Maui
Division 3 Hawaii
Division 4 Kauai

Division, zone, section, plat, parcel
Condos have a CPR #.

44
Q

What is a conveyance tax?

A

Paid on all real property transfers. Must be paid within 90 days of transfer. And the transfer cannot be recorded until the conveyance tax certificate that is signed by both buyer and seller has been filed and the tax paid. Goes up based on the value of your property.

Real Estate Testes (1 decks)

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